Finexio, an Orlando, FL-based fast-growing B2B accounts payables (AP) Payments-as-a-Service company, announced that it raised oversubscribed $35 million Series B funding round at a $100 million pre-money valuation.
The round was co-led by Mendon Venture Partners and National Bank Holdings Corporation. J.P. Morgan, with existing fintech investor Patriot Financial Partners joining new investors Discover Financial Services, Valley Bank, Trogg Hawley Capital LLC, and other top financial services and fintech executives, also participated in the round.
Finexio continues to demonstrate leadership in providing unique embedded payments capabilities for Accounts Payable and Procurement (AP2P) software providers seeking to quickly deploy robust, secure, and effective business-to-business (B2B) payment capabilities to their clients.
Ernest Rolfson, founder and CEO of Finexio, said, "We are thrilled to announce an oversubscribed round by leading fintech venture capital investors and leading innovative financial institutions, particularly in a volatile market environment. Despite an uncertain period in the global economy, Finexio's team, investors, and partners are certain about the tremendous value embedded "AP Payments as a Service" is providing to large AP2P software platforms." Added Rolfson, "Finexio's high-quality software embedded payments service will continue to grow triple digits in the coming years."
An increasing number of financial institutions are partnering with Finexio to bring improved spend management, and electronic spend conversion capabilities to their medium and large-sized corporate clients and wholesale bank customers.
Company: OneNetworks, Inc.
Raised: $35.0M
Round: Series B
Funding Month: October 2022
Lead Investors: Mendon Venture Partners and National Bank Holdings Corporation
Additional Investors: J.P. Morgan, Patriot Financial Partners, Discover Financial Services, Valley Bank, and Trogg Hawley Capital LLC
Company Website: https://www.finexio.com/
Software Category: AP Payments as a Service
About the Company: Finexio is an AP Payments as a Service company that provides end-to-end AP payment capabilities embedded within Accounts Payable and Procure to Pay (AP2P) Software Platforms. The embedded nature of Finexio's solution represents a powerful disruption to traditional, manual-based AP processes. Finexio's modern, efficient service model, minimal process charges, and breadth of payment solutions translate to high-margin revenue streams and a strong competitive position for AP2P partners seeking to provide payment offerings to their end users. Founded in Silicon Valley, the Orlando, Florida-based Finexio is a team of 60 helping customers and partners manage nearly $100b in accounts payable spend.
Source: https://www.newswire.com/news/finexio-closes-35-million-series-b-funding-round-21853486